Greater Toronto REALTORS® Report Resale Housing Market Figures

TORONTO, ONTARIO--(Marketwired - Jan. 7, 2015) - Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 92,867 residential sales through the TorontoMLS system in 2014, including 4,446 in December. The calendar year 2014 sales result represented a 6.7 per cent increase over the 2013 sales figure of 87,049 and was just short of the record set in 2007.

"TREB's 2014 sales figures are a testament to the importance Greater Toronto Area households continue to place on home ownership. GTA households realize that home purchases have been a quality long-term investment. While home prices certainly increased substantially in 2014, the purchase of an average priced home remained affordable, in terms of the average household's ability to comfortably cover their monthly mortgage payments," said Mr. Etherington.

The average selling price continued to grow on a year-over-year basis in calendar year 2014, with an 8.4 per cent increase over calendar year 2013 to $566,726. This included a seven per cent increase in the December 2014 average selling price to $556,602. Throughout 2014, annual increases in the average selling price and the MLS® HPI Composite Benchmark were consistently reported on a monthly basis for most market segments, from detached homes through to condominium apartments.

"The strong price growth we experienced in 2014 can be explained with two words: listings shortage. The constrained supply of listings was especially evident for low-rise home types like singles, semis and town houses. The number of households looking to purchase these home types increased, while the number of homes from which they could choose decreased. This situation resulted in more competition between buyers and more aggressive offers," said Jason Mercer, TREB's Director of Market Analysis.

Monthly Summary of TorontoMLS Sales and Average Price

December 1 - 31

2014

2013

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

1,762

$574,539

1,899

1,568

$542,155

1,692

Rest of GTA ("905")

2,684

$544,828

2,549

2,490

$506,356

2,370

GTA

4,446

$556,602

4,448

4,058

$520,189

4,062

MonthlyTorontoMLS Sales & Average Price By Home Type

December 1 - 31, 2014

Sales

Average Price

416

905

Total

416

905

Total

Detached

521

1,451

1,972

934,039

668,063

738,334

Yr./Yr. % Change

17.1

%

7.3

%

9.7

%

8.0

%

6.6

%

7.7

%

Semi-Detached

128

283

411

615,794

451,314

502,539

Yr./Yr. % Change

-5.9

%

24.1

%

12.9

%

-4.4

%

9.9

%

0.9

%

Townhouse

174

503

677

474,874

420,105

434,181

Yr./Yr. % Change

1.8

%

5.2

%

4.3

%

5.9

%

9.4

%

8.3

%

Condo Apartment

924

368

1,292

387,612

300,352

362,758

Yr./Yr. % Change

16.1

%

-1.6

%

10.4

%

5.4

%

2.2

%

5.4

%

Annual Summaryof TorontoMLS Sales and Average Price

January 1 - December 31

2014

2013

Sales

Average Price

Sales

Average Price

City of Toronto ("416")

34,922

$610,554

32,573

$564,659

Rest of GTA ("905")

57,945

$540,313

54,476

$498,024

GTA

92,867

$566,726

87,049

$522,958

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 40,000 TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.